Sports fans of free-spending teams such the New York Yankees, Boston Red Sox, Los Angeles Lakers and Miami Heat are off the hook thanks to a soccer team in England.
Long be-moaned by critics and fans for over-spending and loading up on talent and high payrolls in America, defending FA Cup champion, Manchester City may let the fore-mentioned teams off of the proverbial hook.
According to Bloomberg, Man City recent recorded a loss of $312.2 million dollars (£195 million pounds) in the 12-month period ending May 31.
Man City, who is currently five points clear on top of the English Premier League table is in contention for its first league-ever title.
Owned by Abu Dhabi’s Sheikh Mansour bin Zayed Al Nahyan, Man City would post the largest fiscal loss in English soccer history, surpassing Chelsea’s £132.8 million pound($210 million dollar) loss in 2005.
Since acquiring Man City in 2008, Man City has spend over £500 million pounds($791 million dollars) in transfer fees, and in the 2011-12 fiscal year has spent £150 million pounds($237 million dollars) on players such as Edin Zedko, Yaya Toure, David Silva, Mario Balotelli and James Milner.
While this may seem bad, Man City has a 10-year lucrative naming right’s deal with airline, Etihad that will balance out it’s debt.
While Shiekh Mansour may spend like a Steinbrenner at Man City, but he has yet to win like one.
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